Federal Reserve Chairman Jerome Powell. Photo: Alex Wong/Getty Images

The main takeaways from Federal Reserve Chairman Jerome Powell's closely watched speech today in Jackson Hole, Wyoming were pretty much what Powell has indicated before: the economy is good, and interest rates are going to go up.

Why it matters: Investors were watching because they're looking for hints about how the Fed is considering the possibility of an "overheating" economy, the trade war or recent emerging market turmoil and what it means for the central bank's rate hike framework. But for this speech to a summit of central bank officials, Sarah House, a senior economist at Wells Fargo, tells Axios: "[Powell] is trying not to make waves."

What Powell said:

On rate hikes: "If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate."

On the strength of the economy: "With solid household and business confidence, healthy levels of job creation, rising incomes, and fiscal stimulus arriving, there is good reason to expect that this strong performance will continue."

Between the lines: There was no mention of trade or tariffs in the speech. Why? House tells Axios:

The heightened focus on this speech means that a mention of trade policy could be viewed as too much of a foray into the President’s policy realm. Given that Fed independence is under more pressure than at any time in the past four decades, I think he’s trying to lead by example and stick to his lane.

The backstory: It's Powell's Fed chair debut at the annual gathering, and the speech comes days after President Trump's most recent criticism of the Fed's raising of rates. Powell's comments are consistent with the minutes from the Fed's most recent meeting showed officials are ready to hike rates at least once more this year.

Go deeper:

Fed minutes show support for rate hike and concern about trade

Trump hits Fed Chair Jerome Powell for rate hikes, again

Go deeper

Two officers shot in Louisville amid Breonna Taylor protests

Police officers stand guard during a protest in Louisville, Kentucky. Photo: Ben Hendren/Anadolu Agency via Getty Images

Louisville Metro Police Department said two officers were shot downtown in the Kentucky city late Wednesday, just hours after a grand jury announced an indictment in the Breonna Taylor case.

Driving the news: Metrosafe, the city's emergency services, said it received reports of a shooting at South Brook St. and Broadway Ave., near the area where protests were taking place. A police spokesperson told a press briefing the injuries of both officers were not life-threatening. One officer was "alert and stable" and the other was undergoing surgery, he said.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 31,778,331 — Total deaths: 974,436 — Total recoveries: 21,876,025Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 6,943,078 — Total deaths: 201,930 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.
  8. Future: America's halfway coronavirus response

Biden: Breonna Taylor indictment "does not answer" call for justice

Former Vice President Joe Biden. Photo: Leigh Vogel/Getty Images

Former Vice President Joe Biden on Wednesday condemned the grand jury indictment of a Louisville police officer who entered Breonna Taylor's home in March in a botched drug raid that led to her death, saying in a statement the decision "does not answer" for equal justice.

The big picture: Biden called for reforms to address police use of force and no-knock warrants, while demanding a ban on chokeholds. He added that people "have a right to peacefully protest, but violence is never acceptable."

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